California Proposition 2, a legislatively referred constitutional amendment on the November 3, 2026 ballot, would raise the cap on the state's Budget Stabilization Account from 10% to 20% of General Fund tax revenues while adjusting deposit rules for high capital gains years and extending debt repayment requirements. The Legislature approved the measure in late June 2026 with the required two-thirds vote in both houses after Democratic leaders, including Governor Newsom and Assemblymember Jesse Gabriel, advanced it as a fiscal resilience tool. Official voter guides list no organized opposition, and endorsements have come from groups such as the California Professional Firefighters and the Los Angeles Chamber of Commerce. Trader pricing reflects the combination of legislative consensus, absence of counter-campaigns, and the measure's alignment with standard budget stabilization practices ahead of the general election.